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A W-2 wage and tax statement is issued by an employer and states how much an employee was paid in a year.

What is Income Tax?

Income tax is tax paid on individual earnings from salaries and investments. Though income tax is mostly progressive, some wealthy...

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A credit card.

What is a Credit Card?

A credit card is a plastic card that authorizes the holder to make purchases on credit up to a specific amount. Most credit cards...

Interest income earned by a taxpayer is reported on a Form 1099-INT.

What is a 1099 Form?

A 1099 is a tax form for independent contractors that shows how much they made from a certain business. Unlike a W-2, a 1099 form...

Life insurance pays an amount to beneficiaries upon the insured's death.

What is Life Insurance?

Life insurance provides monetary proceeds to beneficiaries upon the death of the insured person. When choosing a life insurance...

Switzerland is generally considered a tax haven.

What is a Tax Haven?

A tax haven is a legal jurisdiction where the rate of taxation is lower than in the surrounding areas. Generally speaking, tax...

Married couples with dual incomes may open an account together for household expenses.

What is a Joint Account?

A joint account is a bank account shared by two or more individuals. Though a joint account has its risks, it can be the best...

Credit card companies evaluate an individual's credit report when deciding whether to issue a card.

What are Credit Reports?

Credit reports are reports containing information about a person's background and credit history. To get access to credit reports...

Tax attorneys may help tax payers through an audit.

What is a Tax Attorney?

A tax attorney specializes in tax law, and works with taxpayers to solve problems with revenue agencies. Tax attorneys must...

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